Why Save Money in Bitcoin?

February 01, 2019

Bitcoin - Digital Gold, Scams, Hackers, Lambos, Altcoins, Pump&Dumps, Satoshi. Many things come to mind when Bitcoin is mentioned. It's the first asset of it's kind, defined differently by whoever you ask. It proved to be steady, prevailed against opponents in hashwars and offered anybody the opportunity to exchange funds with people anywhere in the world for lower fees than money transfer systems running on fiat money. But Bitcoin could never shake off all the doubters. By now (Feb/2019), Bitcoin has gotten a few more competitors as well, but it remains significant and seems to still lead the market. Why should you save some money in crypto with all the bad things that might happen?

3 Simple Reasons for Saving in Bitcoin

1. Bitcoin can't lose value through inflation

The first reason is very simple: whereas the supply of fiat money will increase pretty much all the time, the value of fiat money will, on average, decrease. Since there will never be more than 21 million Bitcoin, its value will increase as long as the network is growing.

2. Bitcoin is for everyone

The second reason is that Bitcoin can be used by anyone. Storing Bitcoin can be as easy as writing down words on a piece of paper. To open up a regular bank account, you actually have to apply for one, giving other people your sensitive data. They can also deny you, and it's not illegal for them to do so. Bitcoin will never deny you from using its network.

3. Bitcoin will be accepted everywhere

It is safe to assume, that there will be a number of digital assets competing for customers. There are already numerous apps and services that transfer any (digital) currency to any other different (digital) currency instantly. Bitcoin, having by far the highest brand awareness and longest history, will be accepted everywhere, the more people pay digitally. No business would deny your business if they can transfer whatever you are giving them to their preferred currency instantly. Solutions for that are not yet widespread, but they will be.

The information in this Blog is for educational purposes only and is not investment advice. I am not a financial advisor. Please do your own research before making any investment decisions. Online and cryptocurrency investments are a volatile and high risk in nature. Don't invest more than what you can afford to lose. DigiPiglets.com is a project aimed to encourage people to start saving money, learnabout the crypto sphere and getto know how Bitcoin works, without risking a lot of money.

5 comments

One aspect thats often overlooked, is how people will hold small amounts of BTC in their lightning channels with whoever accepts lightning network payments – think about what that will do to scarcity

wildwoodFebruary 06, 2019

While I generally agree with your points, I dont think Bitcoin will be accepted everywhere. Some governments will will try to push their own digital coins and tokens and prohibit official use of Bitcoin.